The emergency funding package aims to protect the immediate futures of major sports which face a winter without spectators.

Largely composed of loans, the UK Government revealed the support will focus on sports severely impacted over the winter.

Rugby union will be eligible for the biggest cash boost with £135 million ($180 million/€150 million) £44 million ($58 million/€49 million) of that due to go to the Rugby Football Union and £59 million ($78 million/€66 million) to Premiership Rugby clubs.

A total of £40 million ($53 million/€45 million) will be available to horseracing while football is set to net £28 million ($37 million/€31 million) to help non-league clubs as well as the Women’s Super League and Football Association Women’s Championship.

Other beneficiaries of the funding package include £12 million ($16 million/€13 million) to rugby league, £6 million ($8 million/€7 million) to motorsport and £5 million to tennis ($7 million/€6 million).

Netball, basketball and ice hockey are in line for £4 million ($5 million/€4 million) each while badminton is eligible for £2million ($3 million/€2 million) and greyhound racing is set for £1 million ($1.3 million/€1.1 million).

The Government claimed the preliminary allocations were made on a "needs based assessment process".

England has one of the worst death tolls from coronavirus with more than 47,000 fatalities and 1.25 million cases.

The country announced its second national lockdown at the start of this month in a bid to curb its rising infection rate.

"Sports clubs are the beating hearts of their communities and this £300 million boost will help them survive this difficult winter period," said Oliver Dowden, Secretary of State for Digital, Culture and Sport.

"Britain is a sports powerhouse and this Government will do everything we can to help our precious sports and clubs make it through COVID."

The rescue package comes after rugby league received £16 million ($21 million/€18 million) in emergency loans in May and the Government pledged to provide £100 million (£132 million/€111 million) to support council-run leisure centres last month.

Sport England also announced a £200 million ($266 million/€224 million) emergency fund for grassroots clubs in April.

Sports Minister Nigel Huddleston added: "We know the vast majority of sports - many of which operate on tight financial margins - have been making serious cost reductions, such as locking down grounds, taking up the furlough scheme for many staff and halting excess payments.

"Whilst the Government’s overall economic package has provided a significant buffer, it is absolutely right that we now intervene to protect entire sports, and the communities they support, as we navigate this pandemic."

Netball is in line for £4 million which is set to be split between England Netball and the Vitality Netball Superleague.

Fran Connolly, chief executive of England Netball, admitted it was a "huge relief" to be amongst the beneficiaries having been "significantly impacted" by the pandemic.

"This survival package has come at a crucial time for England Netball and the Vitality Netball Superleague and we look forward to working through the next steps of the process to release these vital funds that will benefit the grassroots and elite levels of our sport," said Connolly.

A bulk of the £4 milllion to basketball is expected to be targeted at the British Basketball League (BBL) and Women’s Basketball League with £1million going to Basketball England.

Sir Rodney Walker, chairman of the BBL, said clubs been forced to cut jobs in a bid to mitigate the impact the loss of spectators at events.

"With no certainty of when spectators can return, the announcement today ensures we can now go forward with some confidence, and continue our competitions and our planning for when we can welcome fans back to games," added Sir Rodney.